HomeMy WebLinkAbout1071 Vectra Bank Line of Credit Agreement Financing the Acquisition of Water, Water Rights, & Water Storage Accommodate 12-10-2025ORDINANCE NO. 1071
AN ORDINANCE AUTHORIZING THE EXECUTION AND DELIVERY
OF A LINE OF CREDIT AGREEMENT BETWEEN THE TOWN OF
FIRESTONE, COLORADO, AND VECTRA BANK, A DIVISION OF
ZIONS BAN CORPORATION, N.A.; IN ORDER TO FINANCE THE
FUTURE ACQUISITION OF WATER, WATER RIGHTS, AND WATER
STORAGE TO ACCOMMODATE DEVELOPMENT AND GROWTH
WITHIN THE TOWN; AND OTHER DOCUMENTS RELATED
THERETO; RATIFYING ACTION PREVIOUSLY TAKEN RELATING
THERETO; PROVIDING OTHER MATTERS RELATING THERETO;
AND DECLARING AN EMERGENCY.
WHEREAS, the Town of Firestone, Colorado (the "Town"), is a municipal corporation
duly organized and existing under the Constitution and laws of the State of Colorado (the "State");
and
WHEREAS, the members of the Board ofTrnstees of the Town (the "Board") have been
duly elected or appointed and qualified; and
WHEREAS, the Town now owns and operates a municipal water system (the "System");
and
WHEREAS, by Ordinance No. 297 of the Town adopted on October 14, 1993, the Board
established the Town of Firestone Water Activity Enterprise as a "water activity enterprise"
pursuant to Title 37, Article 45.1, C.R.S. (the "Water Enterprise Act"), for the purpose of operating
and accounting for the operations of the System; and
WHEREAS, the Board finds and dete1mines that the System constitutes an enterprise
pursuant to Article X, Section 20 of the Colorado Constitution ("TABOR") and the Water
Enterprise Act; and
WHEREAS, the Board further finds and determines that is necessary and in the best
interest of the Town and its inhabitants that the Town finance the costs of acquiring water, water
rights, and water storage to provide water for the System and to accommodate development and
growth within the Town (the "Project"); and
WHEREAS, the Town is authorized by TABOR, Title 31, Article 35, Part 4, C.R.S., and
the Water Enterprise Act to issue revenue obligations authorized by action of the Board without
the approval of the electors of the Town since the System constitutes and enterprise within the
meaning of TABOR; and
WHEREAS, the Town has heretofore issued, pursuant to Ordinance No. 974 of the Town
adopted by the Board on May 27, 2020 (the "2020 Bond Ordinance"), its Town of Firestone,
Colorado, Water Enterprise Revenue Bonds, Series 2020, originally issued and currently
outstanding in the aggregate principal amount of $45,955,000 (the "2020 Bonds"); and